CUPERTINO, CA / ACCESSWIRE / August 9, 2017 / Aemetis, Inc. (NASDAQ: AMTX) announced today that after successfully completing the construction and commencement of an Integrated Demonstration Unit, the company is now producing cellulosic ethanol from orchard waste, utilizing technologies from Aemetis, LanzaTech and InEnTec. The plant is a continuously operating demonstration facility located at InEnTec's Technology Center in Richland, Washington that is processing various feedstocks and demonstrating the integration of technologies to be used in the full-scale operating biorefinery.
"The Aemetis integrated demonstration unit was built to showcase high yield cellulosic ethanol production through the integration of advanced gasification from InEnTec with patented microbial fermentation from LanzaTech," said Eric McAfee, Chairman and CEO of Aemetis. "The plant converts waste orchard wood and nutshells from California's Central Valley into cellulosic ethanol. California has more than one million acres of almond, walnut, and pistachio trees that currently produce over 1.6 million tons of waste wood and shells per year. Cellulosic ethanol can reduce greenhouse gas emissions by up to 80% compared to gasoline."
Yields and other data from operation of the integrated demonstration unit will be provided to the US Department of Agriculture (USDA) as part of completing the Phase II loan guarantee process under the USDA 9003 Biorefinery Assistance Program. Aemetis is building a 10 million gallon per year cellulosic ethanol production facility near the existing Aemetis 60 million gallon per year ethanol plant in Keyes, California.
Under the 2007 Federal Renewable Fuel Standard, the cellulosic ethanol production mandate limit increases each year to up to 16 billion gallons per year by 2022. The current market price of cellulosic ethanol sold in California is estimated to be $4.50 per gallon, which is approximately $3.00 more per gallon than conventional ethanol.
Headquartered in Cupertino, California, Aemetis is an advanced renewable fuels and biochemicals company focused on the acquisition, development and commercialization of innovative technologies that replace traditional petroleum-based products by the conversion of ethanol and biodiesel plants into advanced biorefineries. Founded in 2006, Aemetis owns and operates a 60 million gallon per year ethanol production facility in California's Central Valley, near Modesto. Aemetis also owns and operates a 50 million gallon per year renewable chemical and advanced fuel production facility on the East Coast of India producing high quality distilled biodiesel and refined glycerin for customers in India, the US and Europe. Aemetis operates a research and development laboratory, and holds a portfolio of patents and related technology licenses for the production of renewable fuels and biochemicals. For additional information about Aemetis, please visit www.aemetis.com.
Safe Harbor Statement
This news release contains forward-looking statements, including statements regarding our assumptions, projections, expectations, targets, intentions or beliefs about future events or other statements that are not historical facts. Forward-looking statements in this news release include, without limitation, statements relating to the production or effectiveness of the demonstration facility, the construction and operation of the cellulosic ethanol facility, and the size of government mandates on, and prices of, cellulosic and other sources of ethanol. Words or phrases such as "anticipates," "may," "will," "should," "believes," "estimates," "expects," "intends," "plans," "predicts," "projects," "showing signs," "targets," "will likely result," "will continue" or similar expressions are intended to identify forward-looking statements. These forward-looking statements are based on current assumptions and predictions and are subject to numerous risks and uncertainties. Actual results or events could differ materially from those set forth or implied by such forward-looking statements and related assumptions due to certain factors, including, without limitation, competition in the ethanol, biodiesel and other industries in which we operate, commodity market risks including those that may result from current weather conditions, financial market risks, customer adoption, counter-party risks, risks associated with changes to federal policy or regulation, and other risks detailed in our reports filed with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2016, our Quarterly Report on Form 10-Q for the quarter ended March 31, 2017 and in our subsequent filings with the SEC. We are not obligated, and do not intend, to update any of these forward-looking statements at any time unless an update is required by applicable securities laws.
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SOURCE: Aemetis, Inc.